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Thursday, June 27, 2024

Equity Trader Alert #2024 - 37
Nasdaq Introduces Order Flow Channelization on OUCH 5.0

Category:

  • New Functionality

Markets Impacted:

Contact Information:

Resources:

The Nasdaq Stock Market (Nasdaq), Nasdaq BX, and Nasdaq PSX will introduce the ability to channelize order flow through the OUCH 5.0 protocol.

Currently, all messages transmitted over an OUCH 5.0 port are required to have a strictly increasing UserRefNum throughout the trading session.

UserRefIdx will be a new optional appendage on OUCH 5.0 which allows users to specify an order flow channel within a given port. When this appendage is present, the strictly increasing UserRefNum logic will apply only to that order flow channel for the trading session.

The implementation will be completed on an exchange-by-exchange basis and will be available as follows:

PSX: July 22nd

BX: August 5th

Nasdaq: August 26th

Testing Opportunities

Testing is currently available in the Nasdaq Testing Facility (NTF).

Please refer to the Specifications Page for more information.

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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